GBP/JPY - Cable bulls fell back after a massive counterattack by the Japanese yen longs pushed the cross below the psychologically important 205.00 handle. A further move to the downside will most likely see the Japanese yen longs push their way toward the 203.81, a level established by the November 9 daily low, thus breaking below the 23.6 Fib of the 192.67-208.22 GBP rally. A sustained momentum on the part of the yen longs will most likely see the cross break below the channel's lower boundary and target the pound bids around 202.28, a level marked by the 38.2 Fib of the 192.67-208.22 GBP rally. Indicators are signaling trendless conditions with ADX falling below 25, while momentum indicator is diverging from positive MACD treading above the zero line, with both neutral oscillators giving either side enough room to maneuver.

GBP/CHF - Swiss Franc bulls continued to push back the pound longs at bay as the price action remained confined to a narrow trading range, strangled by the 200-day SMA at 2.2677 and 2.2883, a level marked 23.6 Fib of the 2.1471-2.3311 GBP rally. Following another  unsuccessful attempt by the cable longs to take on the triangle's upper boundary will most likely see the cross head toward the sterling defenses around 2.2677, a 200-day SMA. A further move to the downside will most likely see the Swissie bulls push their way toward the 2.2613, a level established by the 38.2 Fib of the 2.1471-2.3311 GBP rally. Indicators are favoring the pound longs with both momentum indicator and positive MACD above the zero line. Oscillators remain neutral, thus giving either side enough room to maneuver. 

GBP/AUD - Australian dollar bulls managed to push back the attacking British pound longs as the break out above the downward sloping channel's upper boundary turned into a fake out. As cable longs continue to retreat from the advancing Aussie bulls, a further move to the downside will most likely see the cross test the cable defenses around 2.3393, a level marked by the key 23.6 Fib of the 2.5672-2.2692 AUD rally. A further move to the downside will most likely see the Aussie longs make their way toward 2.3159, a level established by October 13 daily low. . Indicators are signaling trendless conditions with ADX falling below 25, while momentum indicator is diverging from positive MACD treading above the zero line, with both neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.